BURSA Malaysia’s benchmark index closed lower today, mirroring the weak regional performance as major markets worldwide experienced mostly negative trends.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 3.99 points or 0.24 per cent to 1,625.47 compared with Friday’s close of 1,629.46.
The index opened 0.28 of-a-point higher at 1,629.74 and moved between 1,623.64 and 1,631.71 throughout the day.
Market breadth was negative with losers outpacing gainers 575 to 505, while 489 counters remained unchanged, 784 untraded and 10 others suspended.
Turnover rose to 3.47 bil units valued at RM2.66 billion against Friday’s 3.70 bil units valued at RM2.87 bil.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said market sentiment was further dampened by concerns over China’s slowing economy, the outlook for US interest rates, and ongoing conflicts in Ukraine and the Middle East.
He said across Asia, caution prevailed, driven by fears that President-elect Donald Trump’s proposed policies, including significant increases in tariffs on imports from China and other countries, could hinder growth in a region heavily reliant on trade.
“Locally, these concerns were exacerbated by mixed performances in regional markets,” he told Bernama.
Trump is scheduled to be inaugurated as US President on Jan 20. Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index failed to hold the 1,630 support level, hence, the consolidation will continue until new catalysts emerge.
“We reckon the index must overcome the key resistance level of 1,615 with determination and maintain its upward trend to reclaim bullish momentum. We anticipate the FBM KLCI to trend within the 1,620-1,640 range for the week,” he added.
Among the heavyweights, Maybank lost four sen to RM10.10, CIMB declined three sen to RM8.08, Tenaga Nasional slid two sen to RM14.58, and IHH Healthcare fell one sen to RM7.27, while Public Bank rose one sen to RM4.51.
For active stocks, Velesto and MYEG were one sen lower at 15.5 sen and 97.5 sen, respectively, Ekovest shed 1.5 sen to 37 sen. Velocity added one sen to 8.0 sen, and Top Glove gained three sen to RM1.36. —Jan 6, 2025
Main image: New Straits Time
